Tikehau Capital’s private equity decarbonisation strategy is acquiring a majority stake in Italian utility infrastructure service provider Cebat from Oaktree Capital Management.

Rome-based Cebat specialises in the installation of utility networks and maintenance services to upgrade electricity, water and telecommunication grids.

With revenues exceeding €200m in 2023, more than 1,000 employees and 15 operational hubs across Italy, Spain and Germany, Cebat has completed more than 300 projects over its 60 years of activity.

Tikehau Capital’s private equity decarbonisation strategy focuses on investing in companies engaged in global electrification, resource and energy efficiency, low-carbon inputs, and adaptation to climate change, with the aim of supporting players across the value chain whose products and services are critical to reducing the economy’s carbon footprint, the company said.

Domenico D’Elia, CEO of Cebat, said: “We are focused on consolidating our market-leading position further and continuing to play a strategic role for our clients, leveraging our technical know-how, reliability and extensive geographical reach across Italy.

“We are grateful to Oaktree for their significant contribution over the past years, during which Cebat significantly expanded its order book, diversified its client base and end-market exposure, and completed two strategic add-ons.”

Roberto Quagliuolo, deputy head of private equity and head of Italy at Tikehau Capital, said: “Our investment will focus on leveraging Cebat’s strong credentials with industry-leading clients and the growth potential of its reference markets, driven by significant investments expected in the coming years to decarbonise and enhance the efficiency of utility networks.

“This transaction represents the second investment of Tikehau Capital’s second-generation flagship private equity strategy dedicated to decarbonisation. Cebat is a perfect fit due to its critical role in expanding and modernising grid infrastructure to facilitate energy transition.”

Francesco Giuliani, managing director and assistant portfolio manager of Oaktree’s Power Opportunities Strategy, added that Oaktree is “proud to have supported Cebat through a remarkable journey of strategic growth since 2019 to establish a leading position in utility services”.

To read the latest IPE Real Assets magazine click here.